NEW YORK, July 30, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Penn West Petroleum Ltd. ("Penn West" or the "Company") (NYSE: PWE). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.

The investigation concerns whether Penn West and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

On July 29, 2014, a report published by the Company "announced today that the Audit Committee of the Company's Board of Directors is conducting a voluntary, internal review of certain of the Company's accounting practices.

While this review is not yet completed, the Board of Directors of Penn West has concluded that certain of the Company's historical financial statements and related management's discussion and analysis ("MD&A") must be restated, which may result in the release of second quarter 2014 financial results being delayed."

On this news, shares of Penn West fell $1.40 per share to $7.75, or more than 15.30%, in intraday trading on July 30, 2014.

The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

SOURCE Pomerantz LLP